Fitch: Alkimia still on negative watch

Fitch Ratings said it maintained Societe Chimique Alkimia's (Alkimia) national long-term rating of BB(tun) on Rating Watch negative, and affirmed its national short-term rating at B(tun).

The watch reflects uncertainties regarding Alkimia's likely operating performance over 2009 and beyond, Fitch said. Detergent producers have lowered sodium tri-polyphosphate (STPP) consumption following a large increase in STPP prices during 2008, the agency said, and the expectation of reduced consumption through 2009.

The company's order book for 2009, which is still undetermined, is a crucial indicator of Alkimia's competitiveness and its capacity to overcome the downturn, Fitch said.

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